By Milton Friedman

Selected via the days Literary complement as one of many "hundred so much influential books because the war"

How will we enjoy the promise of presidency whereas keeping off the risk it poses to person freedom? during this vintage publication, Milton Friedman presents the definitive assertion of his immensely influential fiscal philosophy—one during which aggressive capitalism serves as either a tool for reaching monetary freedom and an important for political freedom. the result's an available textual content that has bought good over part 1000000 copies in English, has been translated into eighteen languages, and exhibits each signal of changing into a growing number of influential as time is going on.

Reviews:

"Milton Friedman is likely one of the nation's notable economists, exotic for amazing analytical powers and technical virtuosity. he's unfailingly enlightening, self sufficient, brave, penetrating, and peculiarly, stimulating." - Henry Hazlitt, Newsweek

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Extra info for Capitalism and Freedom (Fortieth Anniversary Edition)

Example text

Fference between the two? For the city park, it is extremely difficult to identify the people who benefit from it and to charge them for the benefits which they receive. If there is a park in the middle of the city, the houses on all sides get the benefit of the open space, and people who walk through it or by it also benefit. To maintain toll collectors at the gates or to impose annual charges per window overlooking the park would be very expensive and difficult. The entrances to a national park like Yellowstone, on the other hand, are few; most of the people who come stay for a considerable period of time and it is perfectly feasible to set up toll gates and collect admission charges.

Is a tree private enterprise exchange economywhat we have been calling competitive capitalism. In its simplest form, such a society consists of a number of independent households - a collection of Robinson Crusoes, as it were. Each household uses the resources it controls to produce goods and services that it exchanges for goods and services pro.. duced by other households, on terms mutually acceptable to the two parties to the bargain. It is thereby enabled to satisfy its wants indirectly by producing goods and services for others, ra..

By contrast, it is clear how a free market capitalist society fosters freedom. A striking practical example of these abstract principles is the experience of Winston Churchill. From 1933 to the outbreak of World War II, Churchill was not permitted to talk over the British radio, which was, of course, a government monopoly administered by the British Broadcasting Corporation. Here was a leading citizen of his country, a Member of Parliament, a former cabinet minister, a man who was desperately trying by every device possible to persuade his countrymen to take steps to ward off the menace of Hitler's Germany.

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